Meeting documents

3.1 Portfolios

The council's property assets are held within separate portfolios which reflect the characteristics and performance standards of the individual assets. The Property Policy explains these in detail but below is a summary.

3.1.1 Primary Portfolios

• Operational portfolio - operational land and buildings used to support service delivery. These mainly include:

• Revenue portfolio - non operational investment properties primarily used to generate revenue and/ or capital to support the Council's Aims, Objectives and Improvement Priorities. These are dominated by retail investments in the centre of Bath but include other holdings throughout the district.
  
• Infrastructure and Community assets - strict CIPFA definitions. These assets are excluded from the review and challenge process.

3.1.2 Secondary Portfolios

• Disposals portfolio - properties clearly identified as surplus and available for disposal.
  
• Development portfolio - properties where there is development potential, eg where the existing use value is significantly less than potential.
  
• Community portfolio - there are a number of properties where the reasons for holding may not be wholly financial, in particular buildings used for community purposes. This is a developing area following the publication of the Quirk report on the community use of assets.

3.2 Volumes and Values

The estate comprises some 600K sq m Gross Internal Area (GIA) and has a current asset value (29 September 2007) of c£550m. Each property is formally allocated to one or other of the Divisional Directors.

Appendix 2 contains a summary of the current asset register which differentiates by operational/non operational split as well as user.

3.3 Principles of segmentation